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AstraZeneca to acquire French Novexel

AFP/The Local · 24 Dec 2009, 09:39

Published: 24 Dec 2009 09:39 GMT+01:00

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The acquisition will boost the Anglo-Swedish pharmaceuticals giant's portfolio of anti-infection drugs.

AstraZeneca has agreed to acquire 100 percent of Novexel's shares for $350 million in cash... and will pay up to an additional 75 million dollars to Novexel shareholders if specified development milestones are reached," the company said in a statement.

The Wall Street Journal reported that the acquisition of Novexel will contribute to AstraZeneca's pipeline of anti-infection drugs, a pharmaceutical area where demand is being driven by the ever-increasing development of bacterial resistance to existing antibiotics.

The deal, which will also expand AstraZeneca's collaboration with American drug company Forest Laboratories Inc., is focused on Novexel's two most advanced drug programs, CAZ104 and CEF104, which are being developed to treat infections that have gained resistance to current treatments.

Forest signed an agreement with Novexel in January 2008 granting it the right to develop CEF104 in North America.

Story continues below…

“Building AstraZeneca’s anti-infective portfolio has become a strategic priority as antibiotic-resistant bacteria poses a growing threat to human health,” said Anders Ekblom, AstraZeneca Executive Vice-President of Development in a statement.

“The innovative structure of this agreement allows us to build on our existing collaboration with Forest to create value, share costs, and reduce exposure to risk while developing two novel antibiotic combinations that address a growing problem for clinicians and patients. Utilising Novexel’s NXL-104, these combinations have the potential to outwit bacteria that would otherwise be resistant to antibiotics,” Ekblom continued.

AFP/The Local (news@thelocal.se)

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Your comments about this article

13:07 December 24, 2009 by zircon
Captain of Industry: a whole new chart to antibiotics...
03:25 December 25, 2009 by Davey-jo
I remember a world before Astra zeneca existed. They personify the alienation of capital from labour. Astrazeneca is a result of ICI blowing up. A cynical merger of the profitable bits of ICI and a failing Swedish company. Chop off the best bits and leave a mutilated indebted limping giant behind. Oh and forget about the workforce; they can go F! themselves. I think Astrozeneca's directors might get a shock to see themselves described as a "Anglo-Swedish pharmaceuticals giant". Much more Anglo than Swedish I would have said. And much more deadly than anyone would believe.
06:12 December 28, 2009 by Bender B Rodriquez
The R&D headquarters along with three major research centers employing more than half of AZs researchers are located in Sweden, so I doubt the directors would get a shock from the description.
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